UK – Paper and packaging company, Mondi has reported full-year revenue of €8.9 billion (US$9.4bn) for fiscal 2022 (FY22), up by 28% from the prior year.
In the year ended 31 December, the company’s containerboard, kraft paper and pulp segments saw their sales volume increase, while volumes for its corrugated solutions and uncoated fine paper units dropped against fiscal 2021 (FY21).
Mondi reported underlying earnings before interest, tax, depreciation and amortization (EBITDA) growth of 60% to €1.84 billion (US$1.95bn) and an underlying EBITDA margin of 20.8%, compared with 16.6% in FY21.
The company’s operating profit rose by 114% to €1.68 billion (US$1.78bn) over the year and its underlying operating profit also grew by 85% to €1.44 billion (US$1.52bn) from a year earlier.
Its profit before tax for FY22 was €1.56 billion (US$1.65bn), up by 119% from €712 million (US$752.76m) in FY21.
Mondi Group CEO Andrew King said: “Mondi delivered a strong performance across the business in 2022.
“Cash generated from continuing operations of €1.29 billion (US$1.36bn), up 29% on 2021, led to a further strengthened balance sheet, ending the year with leverage of 0.5 times.
“This gives us the strength and strategic flexibility to continue to invest through the cycle, in turn reflecting our confidence in the long-term growth of the markets in which we operate and our leading positions within them.
“We continue to accelerate our growth ambitions, making good progress with our significant expansionary capital investment pipeline.”
King continued: “Particularly pleasing is the strong growth we are seeing in our market-leading Flexible Packaging business.
“Our innovative product offering means we can use paper where possible and plastic when useful to provide customers with a uniquely broad choice of flexible packaging solutions to meet their needs.”
During FY22, Mondi sold its Personal Care Components business and agreed to sell its packaging converting operations in Russia.
Cascades records 12% increase in full-year sales for FY22
Canadian sustainable packaging firm Cascades has recorded full-year sales of C$4.46 billion (US$3.29 bn) for fiscal 2022 (FY22), an increase of around 12% from C$3.95 billion (US$2.91bn) in fiscal 2021 (FY21).
The company’s operating income for the 12 months to 31 December dropped from C$50 million (US$36.66m) to C$33 million (US$24.20m) against the previous year.
Its net loss per common share was C$0.34 (US$0.25), against net earnings per common share (EPS) of C$1.60 (US$1.17) in FY21.
Cascades‘ adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for the year was C$376 million (US$275.71m), down from C$389 million (US$285.24m) in the prior year.
During the fourth quarter (Q4) of FY22, Cascades generated C$1.13 billion (US$0.83bn) in sales, an increase of 10.2% from C$1.02 billion (US$0.75bn)in the same period of FY21.
The company suffered an operating loss of C$20 million (US$14.67m) in Q4, compared with an operating loss of C$90 million (US$65.99m) in Q4 2021.
Its net loss per common share was C$0.27 (US$0.20) in the quarter, compared with EPS of C$1.04 (US$0.76) a year earlier.
In addition, Cascades’ adjusted EBITDA for Q4 rose from C$62 million (US$45.46m) to C$116 million (US$85.06m) year-on-year.
Cascades president and CEO Mario Plourde said: “We are pleased with our fourth quarter consolidated performance, which showed continued positive momentum in our Tissue Papers segment, and good underlying performance in our packaging segments.
“The wide-ranging profitability and operational initiatives that we have been progressively implementing throughout our operations gained traction as the year progressed, and fuelled the 10.2% consolidated EBITDA (A) margins in Q4.”
Earlier this month, Cascades installed a printing press at its corrugated packaging converting facility in Piscataway, New Jersey.
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